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, it is not a recession, it has been building for decade-sapping the ability of the american economy to grow, and the average american to rise. to make the u.s. less competitive, less attractive for business, we go back to the fiscal cliff discussion over and over again because unless we get the economy really moving and growing in a long run, these budget problems will occur over and over again. we have identified eight areas where we find, these things would move the needle in a reasonable time frame, two or three or four years we start to see impact and there's quite bipartisan support. and the sustainable budget compromise. number 2, easing immigration now. we need a broader immigration reform, but it is one of the abilities to move rapidly to inject skill to the economy to fill jobs we badly need to fill to sustain our growth. it is not long term solution to the skill problem in america but a critical step we need to take to move the needle. we have got to simplify and realize the corporate tax code. everybody agrees. we just did a survey that included a loss of members of the general p
economy and will her job creation in our country. republicans are committed to continuing to work with the president to come to an agreement to avert the so-called fiscal clef. one reason why we believe that we put revenue on the table as long as it is accompanied by serious spending cuts to avert a crisis. we believe this is the president's request for a balanced approach to this issue, and we are going to continue to work with the president to try to resolve this in a way that is fair for the american people. we all now that we have had the spending crisis coming at us like a freight train. it has to be dealt with. in order to try to come to an agreement, republicans are willing to put revenue on the table. it is time for the president and democrats to get serious about the spending problem our country has. i am optimistic. we can continue to work together to avert this crisis, sooner rather than later. >> good morning. last week, the president's chief political adviser indicated that medicare and medicaid are the main drivers of our deficit. i know we have seen this morning als
different elements of our economy deal with d.h.s. with support of others coming up with what would be best business practices and then if those best business practices were adopted by those within that element of the economy, they would get liability protection, liability immunity. now, some say, wait a second. that leads to a slippery slope that the government will come in and crash in on you. i don't know the perfect answer but i can trying for the lightest regulatory approach we could have. and those worried about the federal government coming in heavy-handed are truly concerned about that, they ought to think about this. if we have a successful cyberattack against a part of our critical infrastructure, my fear is that congress and whoever's present at the time will overreact because the public will require it. wouldn't it be better for us to anticipate it? wouldn't it be better for us to get ahead of the crises and then have a means by which we defend against it? we know we're not ever going to be totally 100% successful. so when it happens to diminish the impact on whatever critical i
revive the american economy if people are expected to take, they've already had 25% pay cut in six years. that's not the american dream and that's not the way you make an economy work. they're way and you have whack. >> you raised the issue of germany. many point to it's robust economy and manufacturing sector who would resist here worker representationen oh the board of directors. how has the actual representation impacted labor strife over in europe, for example? >> you know, there is some strife, but i think there is also more of a sense that we're all in this together. as you point out i mentioned germany, but it's, you know, france all the way through the nordic countries. the other thing that's key is in a newly emerging democracy like brazil the workers through collective bargaining is four to five times the level of the united states. you have rising wages millions of brazilian workers coming into middle income status, able to buy the things they produce and a growing economy in brazil. here, the micro system of each employer trying to maximize profits at the expense of employees
and the demand for oil -- actually, and the demand for oil continues to decline based on fuel economy standards and other reasons. and yet, with this revolution we still continue to have a problem. and i think the report that we're releasing today, the national strategy for energy security and its subtitle really says it all -- harnessing american resources innovation. and the first point is, how do we leverage this abundance we have in the united states to our maximum benefit? at a time when washington is talking about our fiscal crisis i'd say that the relationship of our oil needs to this crisis itself are close. it might not solve our fiscal crisis but clearly it's a necessary ingredient. every recession in the history of the united states in moden times has been preceded by or happening concurrent with an oil price spike. if we don't have continued growth we can cut all we want and raise revenue all we want, but we'll never find a way to solve our fiscal troubles. and i think this report really looks at how do we leverage this great abundance, this great blessing in the united states, both
to it happening. there's also a consensus right and left it would be bad for the economy. so i think that when we are just looking at the tax component, there are certain things that we kev knitly -- definitely need to do. patching the a.m.t. for the first year is big. if we don't get a deal on the rest of the tax cuts until early 2013, i don't think that would be the worst thing for the economy. i do believe that it is kind of a little more of a slope. i do think that there is -- i think that the worst part of the fiscal cliff are going to be avoided, and beyond that i think that both sides if they don't come together then we have a lot more revenue, and then we could do something like tax reform on top of that higher revenue, which would still bring in some revenue, yet at the same time satisfy a lot of republican demands for possibly lower rates. again, we can cross that bridge when we get to it. right now i think we won't -- if there is going to be a deal in this lame duck session, we are not going to know until the very end. host: thank you, gentlemen. appreciate your helping us out with thi
-- never rise above it, what does that say about our country? to me, it says our economy is failing to provide the basic security, much less rising wages. our schools are failing to provide a path out of poverty our families and communities are breaking down -- out of poverty. our families and communities are breaking down. our homes and neighborhoods. at a time of great consequence, the american people have chosen a divided government. it is up to us to make this divided government work. we have to set aside partisan concerns. how to work together to prepare this economy to get people back on their feet? how do we get this sense of real security and upper mobility for all americans, especially those in need? they are the same. the old ways will not do. we need new thinking and renewed efforts from all americans. it is true that president obama won reelection. i congratulate him on his victory. on january 20, he will face a a fiscal economy and and i mess. you might say he will inherit these problems. [laughter] [applause] he his second term, i hope t will offer fresh ideas. failure
market. it is just going to affect the economy the same as gas prices or food prices going up on the poor and middle class. life will go on. just like life has gone on for the rest of the united states of america. but right now, i think the state of politics is very sad because they're seen -- there seems to be more of a game to be played and positions, one party having the upper hand over the other. not much is going to get done. and you have too many extremes on each side to make things a lot more difficult to run. and it makes it difficult on the president as well. i'm optimistic that the president got reelected, but pessimistic on anything really changing. have leased, anytime soon. -- at least, any time soon. host: and talking about actual change, if there will be a difference on january 1st or otherwise, in terms of taxes, politics, the fiscal cliff, john mckinnon, are any of these expiring? as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unle
to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appropriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrating in february and then turn around and march and have another doomsday scenario with the
was spent on other forms of products and services in our economy, the return, the economic growth from that would be immensely higher, they talk about not making the money from a small amount of players. the new york times, reports that 80% of lottery money comes from lottery players. it is a predatory business, and it is a deception. >> there is one exception i would take to that. here is the facts, is that lotteries in states began to do lotteries because people have a desire. we do $68 million in lottery business in fiscal year 2012, more than the movie and music industry combined. we have nearly 70% of people playing the lottery at some point in time. if we didn't have state lotteries, the integrity is above reproach, but if we didn't have it. people would find ways to gain, they would do it illegally. the mafia, that was the problem, people took over, as you look at the future and things going on with that. that is important, integrity, and oversight, to make sure you don't over-promote things. >> a fascinating debate, thank you for joining us. we'll have to take a break, and back
economy, it would be good for our children's future. and i believe that both parties can agree on a framework that does that in the coming weeks. in fact, my hope is to get this done before christmas. but -- the place where we already have in theory at least complete agreement, right now, is on middle-class taxes. and as i've said before, we have two choices. if congress does nothing, every family in america will see their taxes automatically go up at the beginning of next year. starting january 1st, every family in america will see their taxes go up. a typical middle-class family of four, would see its income taxes go up by $2200. that's $2200 out of people's pockets. that means less money for buying groceries, less money for filling prescriptions, less money for buying diapers. it means a tougher choice between paying the rent and paying tuition and middle-class families just can't afford that right now. by the way, businesses can't afford it either. yesterday, i sat down with some small business owners who stressed this point. economists predict that if taxes go up on the mi
with what our expectation is in terms of how the economy is going to perform and what will happen to the trajectory of house prices. in an environment where the economy is strong, house prices in most markets are, at worst, flat, generally rising. i would agree that borrowers will be accumulating down payment, reasonably steady income. the risks of default are manageable, covered with in the premiums. the problem is we feel we are in an environment of slower economic growth. there is not a lot of when under the sales, which means that the possibility that you can have recession is more likely because you're starting from a lower growth rate. house prices may be on a much flatter trajectory. then it is a question about whether the low down payment program is necessarily the best, even for the borrower. when you factor in -- and here is where downpayment does matter, because it is the culmination of a bar or -- the combination of a borrower, that is the determination of whether you get a default. the possibility that house prices decline in your market. house prices are very sensiti
low. that's what our economy needs. that's what the american people deserve. >> bill: you'll see some photos of this event yesterday at the white house up on our web site at billpressshow.com. again, the president pointed out it's passed the senate. get it through the house. he's got his pen ready to go. >> obama: democrats in the house are ready to vote for that same bill today. if we can get a few house republicans to agree as well, i'll sign this bill as soon as congress sends it my way. i gotta repeat, i've got a pen. i'm ready to sign it. >> bill: he held up his pen. i've got a pen. he says a few house republicans that's right, you don't need that many but you need to bring it up for a vote. boehner won't do it. why won't boehner do it because boehner says that still says -- he's just dead ass wrong he still says that raising taxes on the wealthiest of americans on the 2% would cost -- would kill jobs and kill the economy and we know from the eight years under bill clinton proven just the opposite. in the
in this country. theit has done nothing to stimulate jobs. it has done nothing to take our economy into a better shape. it was the bush tax cuts and the wars that drove us into this huge deficit that we have now. not the republicans' entitlements for this country and then we have neglected this country and the people of this country. we could have created jobs 10 times over. you have vets that are going to be coming back here, and where are the jobs for them? we have focused so much on these wars we got quagmired into, obama has been trying to get us out of them for the last four years. all the republicans have done for the last four years is say no, no, no to any kind of -- and obama has tried to push through bills to cut taxes for job creators, fo. host: for small businesses? caller: yes, for small businesses. host: here is reaction from senator lindsey gramm. he says this -- a republican from new jersey, go ahead. caller: i am calling in reference to this fiscal cliff. at this point, all the seniors are already in trouble. they are not going to get but a little increase. congress will automat
a downturn in the economy in january, then the republicans are going to say, see, we told you, even though they created the problem. >> david cay johnson, great to have you with us. that's "the ed show." "the rachel maddow show" starts right now. good evening, rachel. >> good evening, ed. thanks, man. thank you for staying with us for this hour. the acting director of the cia met for more than an hour with senators john mccain and lindsey graham along with the u.n. ambassador susan rice. the three senators emerged from the meeting saying they were honored by the fact that the cia director would meet with them, just three random senators and not in some official capacity testifying before committee on the hill. they appreciated the fact that the administration and the intelligence community was going to such lengths to e swaj their concerns to personally answer their questions about the libya attack in a closed-door meeting with the cia director himself, even though these are just three random senators. the senators said their questions were answered as reasonably could be expected a
that this is a self-inflicted wound on our economy, you're exactly right, our current policy. we're educating brilliant students and then compelling them to go to work in shanghai or singapore rather than san antonio or the silicon valley. meanwhile, we're handing out tens of thousands of diversity visas to immigrants chosen by a random lottery, without regard to any qualifications they might when it comes to job creation and entrepreneurship. it makes absolutely no sense. i believe we need an immigration policy that serves our national interest. and if there's one thing that we need more than anything else now is we need job creators and entrepreneurs in the united states. and we know in the -- in the global economy, it's people with the special skills in science, technology, engineering and mathematics are the ones that are going to help us create jobs and grow the economy. not just for these individuals, but for the people that are hired by the start-up businesses that they will create. the stem jobs act would mitigate the problem with the diversity lottery visa which, again, does not dist
where substantively republicans believe in things and think certain things are better for the economy and the country, they will be in a weaker position to achieve any of those things. but they have to take into the consideration the idea that everybody's taxes will go up january 1st if there is no deal. it is not going to be all on the president's shoulders. in fact most of might be on theirs temporarily and for good. they have to decide what is the better position. and you know, will the president and the democrats offer them something that they really should take, significant spending cuts? some kind of significant entitlement reform? those are kind of things republicans have been after for a long time. even though there would be grumbling about tax increases on certain income level, that is something they could take home and really savor. this depends where it goes, the brinkmanship continues. david drucker from "roll call." thank you. >> thanks a lot. jenna: well now we turnover seas where we have some new information today on what some say could really be a turning point in the
impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at the larger context. the larger context is we have a math problem. we have $2.5 trillion that we're taking in every year on the federal government and $3.5 trillion that we're spending. so, we're going to need a balanced approach of both revenue and spending cuts to teat there. so, that's what the president has been talking about and certainly something i can support. >> "the wall street journal" today senior administration officials say the white house not making any new offers until republicans change their opposition to raising top tax rates in this country. as a businessman, that would be directly affected by an impasse like that, as would millions of americans. how do you feel about that? >> how i feel, i'm 100% confident we'll resolve the fiscal cliff pretty much a day or two before christmas. wh
through in the next two years. that's a much bigger risk to the economy. >> therefore? >> therefore, if the president lets this thing -- look, the markets have already priced this in. >> i hear the opposite. i hear that they believe that grown-ups will do the job when they have to. they don't believe they're going to let us go over theically. >> i don't think the grown-ups believe they have to do the job by january 1st. i believe they believe the grown-ups have to do the job by january 30th or february 15th. >> they're going to believe the politicians can get the job done when they failed to get it done by january 1st. >> i hear what steve is saying there. i'm standing in your camp which is a rare spot for me to be in, standing in chris' camp here but i think you're right. i think the markets have not baked this into their equation. >> dysfunction and childishness. >> it has nothing to do would my bottom line in terms of how i'm going to pay for things. as a market force, i don't think they've baked that in. number two, i don't think that the president is going to allow this thing t
. cliffhanger. i don't know. if the economy falls in the forest and no one is here to hear it is there a sound. yesterday the republicans blame the democrats and the democrats blame the republicans. john had a exclusive with chris wallace. >> brian: chris wallace sat down with jone boehner. >> steve: here is mr. boehner describing the impression at the moment of what tim geithner was trying to sell him. >> i was ghasted and i looked at him and said you can't be serious. i never seen like it we have 7 weeks before election day andepped of the year. three of those weeks are wasted with this nonsense. >> y are talking about roughly. timothy depite gite saying we'll raise taxes 1.6 trillion and washington will increase taxes on capitol gains and we would like to say we like the power to raise the debt ceiling any time we want for the executive branch which is unconstitutional. >> steve: it is not 39 or 35 percent. all nonstarters in the world of negotiation. >> gretchen: two things to discuss. why is it tim geithner doing the discussions inted of the president of the united states. let me know if
disaster not only for our country, but the worldwide economy. >> so defaulting on the credit is unacceptable to you? >> i don't think -- i don't think it's a question that's even on the table. >> failing to raise the debt ceiling is not even on the table. that's what john boehner said last january. and yet just a few months later, with that voting record and with that stated understanding of how bad it would be for this country to not raise the debt ceiling, there was john boehner, leader of the congressional republicans, threatening to not raise the debt ceiling. e threatening default after decades of voting to raise the debt ceiling, no questions asked under president bush, under president obama the republicans decided they were not going to do it anymore. right around this time last year, republicans threatened to let the country go into default unless president obama met their demands. they explicitly recognized it would cause harm, but they were happy to do that. they were willing to incur that it harm. to inflict that harm on the country in order to get other stuff that
. it's not going to inject demand into the economy that will create jobs. this is a bad deal all around. what we need is to make a judgment about what we do. does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth during this past decade. we're finally now after ten straight years of manufacturing job decline hitting places like toledo and cleveland and cincinnati particularly hard, we're seeing now in the last two years after the auto rescue, after we're doing some of the right things here, we're seeing job growth. i agree with what nancy pelosi said. history improves itself. >> so based on history, this is about math and not ideology. the sense i get on the hill to
and congress have just one month to prevent tax hikes and spending cuts that really could send the economy according to some right back into a recession. we are glad you are with us on this friday, everybody, i'm jenna lee. jon: i'm jon scott. president obama offering his opening bid to avoid the fiscal cliff but it's not going over well at all with republicans. house speaker john boehner saying no progress has been made in negotiations. mike emanuel is live on capitol hill now. what are the republican complaints, mike, and how are they pushing back at the president? >> reporter: senator john john cornyn who is a member of the rupp leadership says he thinks president obama wants to go over the fiscal cliff by proposing higher taxes, no spending cuts and no plans to save entitlements. with president obama going to pennsylvania today, the house republican whip, kevin mccarthy's office put out a video profiling a small business nearby in pennsylvania that would get hurt by a tax hike. >> i'm jerry gorsky from an engineering company. however good or bad we do is my income. this notion of $250,
are an economy that is driven by consumer demand. i cannot think of anything that would be more guaranteed to put the economy in a recession than increasing the price of all goods and services that we purchase by 20-25%. >> host: we'll give brad on twitter the last word here. he says negotiate and simplify, let the republicans lower taxes and get rid of the amt. john buckley, thank you for your help this morning in helping us try to understand the alternative minimum tax, appreciate it. >> guest: okay, good. >> in a few moments, a discussion of house spending cuts in the so-called fiscal cliff. in a little less than an hour, more about the fiscal cliff with republican representative tom cole from oklahoma. then the head of fema testifies on capitol hill about the government's response to hurricane sandy. and later, senate debate on the u.n. treaty for the disabled. ♪ ♪ >> this weekend on c-span3's american history tv, follow harry truman easeleddest grandson to hiroshima as the city prepared to mark the bombing of the city in 1945. >> you know, everybody has their own view what happened, and
they were in 1980 or 1950, the question is given the world today and the other economies do we have a competitive tax system and i think our slow going economy under president obama says we don't. >> the new york times though makes a mention of, just a sort of a passing mention in this massive article, by the way, about the need to cut spending like one or two sentences about the need-- >> and i think that milton freedman brought us, that spending is really the tax bill. it's just delayed. so, every toll the government spends eventually they're going to have to take it from someone, either in taxes or in inflation, so, this is why you're seeing a lack of business investment is because this massive spending and huge debt tells every business owner, every investor, big tax are are coming to eventually pay for this. >> what was the point of the piece? i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies
for the workplace. we are not going to be the world's most innovative economy. second, in some ways, more surprising for me, it was brought to us by the former chief of secretary of the army, who talked about the problems in our education system and the relationship to the armed forces. the inability of some 70% of americans actually qualified for service in the armed forces ought to be a red flag for anyone. now, yes, there are other reasons for that. incarceration, obesity, but a fair amount of it is that the people can't pass the basic skills test to get into the military. so just imagine a country -- a developed country, a powerful country in the world. and we can't get the basic tasks. analyzing data secretary of state is realizing how few people how -- how they learn foreign languages, the fact that we don't have people who are prepared to go into the intelligence agency and we are lobbying ourselves appellate in literally the national security infrastructure of the country. so most importantly, it is a tragedy that people will not be prepared for a good job and will therefore have nowhere els
to figure this out. lori: i was speaking with martin felton yesterday of harvard, the u.s. economy is still in serrous danger of falling into a recession. >> i think the fiscal cliff is the single biggest risk. if we avoid that, i think we have a good shot of growing. not rapidly, but between one and 2%. housing is recovering. i think without the fiscal cliff, we will do all right. lori: tax rates or than likely are going up, at least for one class. you have this slow growth. at the same time, think of the federal reserve keeping rates low for so long. we could be in serious trouble. >> on the inflation front, we are not very worried for the next year or two. it is out there, but not the next year or two. they will phase in whatever tax increase they put in. it will not hit next year. it will phase in over a couple years. that is the smart way to do it. lori: thank you for your time. >> thank you. you bet. melissa: i would like to be optimistic. date -- details of the probe have not been released. over 80 people have already been questioned about the more than $5 billion in trading losses l
was outraged by his suggestion. >> you're not going to grow the economy if you raise tax rates on the top two rates. we're willing to put revenue on the table as long as we're not raising rates. >> but that didn't stop congressman cole from going on hardball today continuing to sell the idea of making peace with the president for the sake of 98% of american taxpayers. >> if the president's willing to accept 80% of the bush tax cuts for 98% of the american people and make them permanent, i think that is a point we should agree op. >> tom cole also made it clear he is still a boehner loyalist. >> i fully support him. what he's trying to achieve, which is no rate increase, but try and meet the president partway on revenue. i support that. i suspect he'll negotiate a good deal. at the end of the day, he'll come back and ask us to support him. i'll probably help him again. >> okay, so, what did boehner loyalist tom cole do after they said that on "hardball" at 5:00? now, remember, john boehner heard him say that on "hardball" or his staff instantly reported to him exactly what tom cole just said o
number as australia. i think we're a bigger country. i think the economy is a little bit bigger. people are not talking about that. we have an absurd situation to get 10,000 visas a year from mexico. i'm from southern california, you can fit those 10,000 visas in about half of long beach where i'm from. it doesn't begin to make sense. people aren't talking about that. i don't think obama is pressured to deal with this because he got four more percentage points. >> this is the artificial crisis. the crisis of insufficiency, it's created by our actual policy. with a stroke of the pen, we can change it. with legislation like all issues that are difficult, they're difficult for a reason. it's tough to get their politically but the easiest way to go about it. let's get the numbers of visas way up there so it reflects at least some bit of reality and stop criminalizing human existence. >> business push on this as well. >> there's a business push. frankly, there's going to be a fight. even though business is on the same side as immigrant rights movement, there will be a fight between business
will have a fundamentally adverse impact on the global economy spent it's doing it now with china and japan. that's interesting, as you've got two of the biggest economies in the world in a nightmare situation that raises a fundamental question, and it's of ending this myth that economics draws people closer together. part of the title today is "mischief or miscalculation?." during the cold war, what was interesting is you can have 17 different spheres of contact with the soviets and if two and if to implement you it's about 15 others. there was a lot of heavy investment figuring out how to communicate and how to coordinate, how to deal with escalation, how do you talk about that. and in this era, when i look at the amount of time, particularly in the obama administration, even more so than the george w. bush of administration, you look at senior officials who go to asia, throughout the region, and also the discussion and attempt to courtney with china. there seems to be a lot of that to try to coordinate. but again coming back to jim steinberg was the fourth member of this panel would happ
when, as we all recall, our economy was thriving. under the senate-passed plan, a family earning $255,000 a year would pay an extra 150 bucks in taxes. in opposing the middle-class tax cuts act, republicans claim that it would hurt the economy to raise tax rates on the top 2% of income earners. speaker boehner reiterated that line last week, saying, "it will hurt small businesses. it will hurt the economy." well, that is vintage republican political theory but it's just not supported by the facts. in a recent report, the nonpartisan congressional budget office estimated that extending the middle-class tax cuts would boost our national g.d.p., our gross domestic product, by 1.25% next year. it said the economic effects of extending only the middle-class rates are similar to those of extending all of the rates. why? because upper-income taxpayers are less likely to spend their tax savings back into the economy. in other words, c.b.o. reports we would get virtually no economic bang for our federal buck by extending the upper-income tax cuts the republicans are fighting for. c.b.o.'s anal
, in the third quarter, the u.s. economy expanded at an annual rate of 2.7%. and that's better than the original 2% even that was reported a couple of weeks ago and last week, there were 393,000 new claims for jobless benefits and down from the previous week, but you're still very close to the 400,000 per week mark and that's a sign of weakness, albeit, come of that clearly from the storm, that's still not a healthy vigorous rebound, is it? trading has begun this thursday morning. we're expecting the dow to go up 50, 60 points and that's in part because of the fiscal cliff debate and looks like the president won taxes now, promises of entitlement reform later and don't care about the debt. the market kind of likes that, because the money keeps flowing. in the first part of business, we're flat, i thought more than that, we're up 2, 10 points and going up from here, at least in the early going. now, we've got another big name that you know #, trying to help shareholders avoid higher taxes next year, it's disney and increased the cash dividend by 25% and paying it this year. nicole, what happens t
of his own party seem quite comfortable with sending the economy over the fiscal cliff. on tuesday, we had productive conversation at the white house. despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. secondly, no substantive progress has been made in the talks between the white house and the house over the last two weeks. this is not a game. jobs are on the line. the american economy is on the line. this is a moment for adult leadership. campaign-style rallies are not the way to get things done in washington. a discussion with the treasury secretary was frank and direct. we hope to see a specific plan for cutting spending. we sought to find out what the president is willing to do. i remain hopeful that productive conversations can be had in the days ahead. but the white house has to get serious. yesterday, the house leadership team met with erskine bowles and business leaders about averting the fiscal cliff and achieving an approach the white house says it wants. i made clear that we put real concessions
which we do to grow the economy, in infrastructure and innovation and making sure america is always on the cutting-edge of new entrepreneurship, the fact is that we want to do that, the president has put that forward, the election does make a difference, the president is absolutely strong about this. look i was just with him on friday. he came to my district. was at a business. they are showing some of that video right now. local business in my district that was a toy manufacturer and what they said to the president, what they said to me is we, we make more toys when there's consumer demand. let's make sure that middle class americans have dollars in their pockets, they continue to have confidence as consumers or grow that confidence and that our businesses, large and small respond to that, that they begin to see so stability. this is time when we're calling on speaker boehner to work with the president, to work with democrats in congress, and to get done what we have to get done, the american people, middle class and businesses, let's create that stability and confidence that this
the economy. >> the diversity of fuel sources as well as efficiency travel parallel to the interest of the environmental policy in my judgment. >> we did, the congress did agree on the standards and the administration has continued to work in the industry to move those numbers up even more so there is a classic example of how we did something. >> i wondered if the recommendations you are making i understand that you are trying to bring together all these agencies across the executive branch whether they are of the legislative branch is a very much partner in this. how do your recommendations bring the congressional leaders and to coordinate with them as well as the executive branch leadership? >> we will recommend that this would be institutionalized or created also legislatively. but i think the congress will benefit from what our council would come up with. congress would benefit from. i guarantee you with the members of the congress particularly the senate we looked at the quadrennial report and we know what the result was of that in that study analysis of what we need going forw
will be able to be more prosperous and able to help others protect our economy from reckless and dangerous spending that is going on now, and that we protect the integrity of our legal system from erosion. i conclude this treaty is unnecessary and dangerous as to our sovereignty. so let's do more for the disabled worldwide. i will be supportive of that. an international organization -- i think the chair. i yield the floor. let me include one more thing. i am starting to view that we as a nation need to be more legally aware of the dangers of signing agreements with foreign nations to regulate internal affairs, even if it's not -- we are not giving weaker powers. i just don't think it's necessary. i think the past that. i'm opposed to that. i think in the long run we will have difficulty. mr. president, i yield the floor and reserve the balance of my time and my colleagues would like to speak on this matter. >> [inaudible] >> mr. president, i recognize the senator from arizona for seven minutes. >> the senator from arizona. mr. president, i come to the i've come to the floor with a bit of h
a balanced approach to deficit reduction that doesn't hurt the economy and doesn't hurt middle class families. if we agree that we should not raise taxes on middle class families, let's begin our work with where we agree. >> of course there are some lawmakers who are not that optimistic. they don't think there's enough time between now and the end of the year to get a deal done. nonetheless the president will continue pushing his message. he heads to pennsylvania tomorrow. he will go to a manufacturing plant where he will continue talking about extending the middle class tax cuts, not extending them for the upper class americans. in the meantime, there's pushback from republicans who are saying the president should not be out the road campaigning but back here in washington negotiating. >> dan, i will ask you to look into your crystal ball. president obama is meeting with mitt romney later today. do you have any idea what they plan to discuss? >> you know, there's a lot of speculation about governor romney playing a role in the administration. but the president himself, during his victory spe
for the overall economy, but the impact on women and children and some of our most vulnerable would be devastating, and that's why your particular focus today in special order is so important. the united states currently ranks about 50th in the world in infant mortality. and morocco, 1.8 infants under one year of age, they die for every 1,000 live births each year. in japan the number is 2.2. in the united states, to our shame, the number is six. from new zealand to all other advanced countries around the world, they do much better than the united states in this most fundamental measure of health and well-being. and the people who are most affected by this failure are not those who have been irresponsible, they are not slackers, they are not lazy, they are babies. they are babies. mostly babies who have been born into poverty. this is a metric that we should feel morally bound to improve by leaps and bounds. but instead we are about to make it worse for these babies. if we don't act, and if we don't act swiftly to prevent sequestration. if this congress does not act to prevent this country from pl
will be on the economy. just to be clear -- >> it's about getting real about where we are and what's going on here. not deluding yourself about that. >> i agree. but we shouldn't get deluded about things like the impact it's going to have on december spending, too, karen. remember we're talking about 2013 taxes, not 2012 taxes. but if americans are taking out loans based on what their tax return is going to be in april maybe we should be talking about financial literacy and not about how budgeting works. >> we can but i'm just trying to tell you realistically that's how people are living their lives in the united states of america in the 21st century. so we need to be real about how people are living their lives. >> you know what, one thing i do want to talk about, i'll begin with you tony on this. i'm sure you saw that photo making the rounds this week of house committee chairmen? what is that all about. they're all white males. speaker boehner now said he was indeed appointing a female chair congresswoman, candice miller. this committee is in charge of things like the house cafeteria, expense ac
cuts went into effect. they were always meant to be permanent. there were supposed to help the economy help growth going forward. we had a recession as part of the last decade. we have fairly strong growth from 2003 through 2007. we are still feeling the fallout from that today. raising tax rates on job creators and small businesses will cut back on job creation. we will see those who would have otherwise gone back to work failing to get a job going forward. guest: most small businesses are small. 97% of small businesses, their portions are tied to the middle class. it is important for their tax cuts to be extended. it is much less important for the high-income people to have theirs extended. if you're talking about the ceo who wants to play golf and also by a vote, maybe there could be more incentive to play golf, and work a little less. what economists find is the the work ethic for the high-income people is not very sensitive at all to the change in tax rates. that is why the cbo says that if the high end tax cuts go away, growth rates will only be affected by one-tenth of 1%, which
is if there is a another way to get revenue from upper income americans that does not hurt our economy why would we not consider it. >> the president wants to in the bush era tax cuts for people making more than a quarter of a million dollars per year. the average middle-class public to pay about 2000 a year more in taxes. >> there is no reason why 98 percent of americans have to see their taxes go up because some members of congress on the republican side want to block tax rate increases for 2 percent of the most wealthy americans. >> nancy pelosi pushing for a house vote. >> we think it would be a wonderful christmas gift for the american people to receive a tax cut in january. >> we are optimistic. >> republican senator linda grant is pessimistic sang that it is a joke. >> the clock is ticking. i am andrew spencer reporting. >> we will take a quick break on the kron for morning news will have more headlines. in the meantime here are some of your pictures from this weekend's storm. send us your pictures and keep them coming fifth the e-mail address to send it to is for breaking news at kron4.com.
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